When Money Becomes Part of Your Identity By Isabella R. L. Bossom and Sarah Enouy
When Money Becomes Part of Your Identity
By Isabella R. L. Bossom1 & Sarah Enouy2
Why do some people tie their self-worth so closely to money? Personality may play an important role.
Most people care about their finances. Money affects where we live, the opportunities available to us, and how secure we feel. But for some people, financial success becomes central to their identity. This is called having a financially focused self-concept.
A financially focused self-concept can have consequences. People who strongly base their self-worth on money are more likely to engage in risky financial behaviours, such as gambling or hiding financial decisions from their partners.
Personality Traits
Some personality traits are more common among people who place a strong emphasis on money and status. Traits associated with the Dark Triad (i.e., Machiavellianism, narcissism, and psychopathy) include tendencies such as manipulation, self-centeredness, and a lack of empathy.
People who score higher on these traits may be more likely to see wealth as a sign of power or success. As a result, financial success can become an important way of validating their self-worth. For example, people who are more manipulative, impulsive, or distrustful of others may place greater importance on money and status.
Narcissism may also influence how people relate to money. People high in grandiose narcissism often see themselves as superior and deserving of admiration. Wealth and status can reinforce this image. At the same time, people high in vulnerable narcissism may feel insecure and sensitive to criticism. For them, financial success may help provide reassurance or validation.
Another trait linked to financial focus is honesty-humility, which reflects sincerity, fairness, modesty, and a lack of interest in wealth and status. People who score lower on honesty-humility, especially those who value luxury, status, and personal gain, may be more likely to base their self-worth on money.
Valuing financial success is not necessarily a problem. However, when money becomes the main way someone judges their self-worth, it can narrow how they see themselves and what they value in life.
Why This Matters
Understanding the personality traits linked to a financially focused self-concept can help explain why some people develop an especially strong focus on money. It may also help explain why this mindset is sometimes connected to risky financial behaviours.
When financial success becomes only one part of a broader sense of identity, alongside relationships, personal values, and well-being, people may be less likely to experience distress when financial goals are not met.
For Further Reading
Bossom, I. R. L*., Enouy, S*., Blais, J., Wohl, M. J. A., Pruysers, S., & Tabri, N. (2026). Explaining unique and common variance in financially focused self-concept from Dark Triad and honesty-humility personality traits using commonality analyses. International Journal of Psychology, 61(2), e70196. 10.1002/ijop.70196.
1Isabella is a former MeWeRTH student member (2020-2022) and was supported by a Mental Health and Well-Being Research Training Hub Grant (2021).
2Sarah is a current MeWeRTH student member.
*Isabella and Sarah share first authorship